Amalgamated Bank Takes $26,000 Position in Sable Offshore Corp. (NYSE:SOC)

Amalgamated Bank purchased a new position in shares of Sable Offshore Corp. (NYSE:SOC) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 1,746 shares of the company’s stock, valued at approximately $26,000.

Other institutional investors also recently bought and sold shares of the company. Fayez Sarofim & Co purchased a new position in Sable Offshore during the 1st quarter worth $32,880,000. Bank of New York Mellon Corp acquired a new position in Sable Offshore in the 2nd quarter worth about $2,154,000. Rhumbline Advisers acquired a new position in Sable Offshore in the 2nd quarter worth about $862,000. Emfo LLC purchased a new stake in Sable Offshore during the 2nd quarter worth approximately $371,000. Finally, Walleye Trading LLC purchased a new stake in Sable Offshore during the 1st quarter worth approximately $235,000. 26.19% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SOC shares. Benchmark upped their price target on Sable Offshore from $24.00 to $37.00 and gave the company a “buy” rating in a research report on Tuesday, September 24th. Jefferies Financial Group upped their price target on Sable Offshore from $19.00 to $32.00 and gave the stock a “buy” rating in a research note on Wednesday, September 4th.

Sable Offshore Stock Performance

Shares of NYSE:SOC opened at $24.96 on Thursday. The company has a debt-to-equity ratio of 6.48, a quick ratio of 2.46 and a current ratio of 2.73. Sable Offshore Corp. has a 52 week low of $10.11 and a 52 week high of $28.67. The company has a 50-day moving average price of $18.80 and a 200 day moving average price of $15.09.

Sable Offshore (NYSE:SOC) last posted its quarterly earnings results on Tuesday, August 13th. The company reported ($2.75) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.39) by ($2.36). As a group, research analysts predict that Sable Offshore Corp. will post -2.82 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, major shareholder Global Icav Pilgrim acquired 750,000 shares of the stock in a transaction dated Thursday, September 19th. The stock was bought at an average cost of $20.00 per share, with a total value of $15,000,000.00. Following the purchase, the insider now directly owns 8,791,001 shares of the company’s stock, valued at $175,820,020. The transaction was disclosed in a filing with the SEC, which is available through this link. 14.30% of the stock is owned by corporate insiders.

Sable Offshore Profile

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.